Report: Deal reached for Magna to take over Opel

• Source: xinhua
• [10:15 May 30 2009]
• Comments

An Opel at a wreckers yard in Berlin (AFP photo).

Germany's finance minister said on Saturday that all sides have reached a deal for the Canadian auto parts maker Magna to take over General Motor's Opel, news agencies reported.

Peer Steinbrueck told reporters that Magna wins bid for Opel, saying an agreement was reached early Saturday. "We have an agreement," the minister said.

In an earlier report, Reuters said Germany has selected the bid by Magna to take over GM's Opel unit, backed by a Russian bank and in conjunction with Russian automaker GAZ.

Under the agreement, Opel will be put under the care of a trustee.

The German government will provide a bridge loan to support the deal.